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10/03 Morning Report

It could have been any country that started the financial crisis cascade, as an article at The Economist indicates. Unfortunately for America, it wasn’t another country. The crisis exists in America, and is affecting other countries as the waves of illiquidity spiral out. . The governments of several nations have already stepped in to bail out their banking industry.

Step forward, Peer Steinbrück, Germany’s finance minister, who rashly declared on September 25th that America was “the source…and the focus of the crisis”, before heralding the end of its role as the financial superpower. Within days, the focus shifted and Mr Steinbrück and his officials were obliged to arrange a €35 billion ($51 billion) loan from German banks and the German government to save Hypo Real Estate, the country’s second-biggest property lender.

I talked a couple days ago about how debt obligations are bought, sold, repackaged, and so on. Well, the painful truth is that debt obligations are traded on a global scale. That fact will drive the US government to do a bailout/loan package. It is a foregone reality because of the international realities involved.

Meanwhile, we have the Hot Topics of the elections. Iraq: US combat deaths down 86% from a year ago. Strange we did not hear about that in the Vice-presidential debate, considering how much they talked about Iraq. But, then again, inspite of Tom Brokaw’s statement ON CAMERA that “The Democrats are lucky there is only one Vice-presidential debate,” the NY Times claims the GOP merely survived a test. All things considered equal, I think Sen. Biden did a better job in the closing statements than Gov. Palin. But, over all, the fact that she could go step for step with him is telling of the ability of the McCain/Palin ticket. I suspect that if they can create distance between themselves and the Bush administration, the GOP just might be able to hold the Whitehouse this election.